Tuesday, August 17, 2004

Managing for a real estate downturn

Inman News

Editor's note: Tomorrow in Inman News, we'll publish the first of a three-part series on changes in the foreclosures and default management markets. Many experts expect foreclosures to rise in the next year. We'll explore how things will be different for lenders, investors and real estate agents working with these properties.

The worst-case scenario in a changing housing market is that the number of foreclosures goes through the ceiling and people get pushed out of their homes.

Nothing gets uglier than when people lose their homes. Hard-earned savings, home improvements and the family home are destroyed due to economic circumstances. Sometimes, homeowners are simply irresponsible, but more often job loss, divorce or personal tragedy is behind a foreclosure.

During the last market downturn, foreclosures were at record levels. During that low point in the cycle, the industry did a poor job of keeping homeowners in their homes and mitigating the risk associated with delinquent mortgage loans.

But this time around, thanks to technology, foreclosures should be less painful for both homeowners and the real estate and mortgage industries. This special three-part series examines how the loan default and foreclosure processes will be different this time around.

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